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The Financial Services Authority (FSA)
The Financial Services Authority (FSA)
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They are a company limited by guarantee and financed by the financial services industry. The Board sets the overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive Committee. They are accountable to Treasury Ministers and, through them, Parliament. They are operationally independent of government and are funded entirely by the firms it regulates. The FSA are the independent body that regulates the financial services industry in the UK and they have been given a wide range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives. In meeting these, they are also obliged to have regard to the Principles of Good Regulation.
They claim to be an "open and transparent organisation" that provides full information for firms, consumers and others about our objectives, plans, policies and rules.
The FSA deals with the following;